After a year which saw meme traders make more gains than anyone else in the market, the music stopped Monday, the lights came on and we saw that Memecoin Funland was now Pump fun Wasteland.
A Fallout Season 2 scriptwriter/part-time meme trader would probably describe it as a dystopian post-apocalyptic nightmare where millions of dopamine-addicted traders now roam around in stray packs, trying to survive in the vast and hellish Solana outback by chasing the mystical cabal across Telegram and Discord channels, and inevitably to the gates of Alon Wonka’s Pump Fun playground.
Crypto and Meme Prices Rebound
Soon enough another rumored Trump coin charged up the charts. A new Solana-based cryptocurrency, Restore the Republic (RTR), falsely rumored to be Donald Trump's official token had its market value soar to $155 million before crashing 95% after Trump's son Eric debunked the rumor as, you guessed it, fake news.
The incident was fueled by unproven speculation and amplified by conservative activist Ryan Fournier. Blockchain data revealed that early investors profited $4 million from the token's volatility.
This is the second Trump-related meme token after Martin Shkreli’s ill-fated DJT coin to pump to over a hundred million, only to lose almost all its value. The long Memecoin Bacchanalia 2024 came to an abrupt halt this week, as the brutal “Black Monday” TradFi market crash swept through all financial sectors, crypto included, like the huge tsunami in that end-of-the-world movie.
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